ChartSmarter Wednesday Game Plan 11/19/14

Markets started in the green and ended there with decent gains with the Nasdaq leading the way with a .7% gain and the S&P 500 up .5%. Every major sector group ended positively Tuesday with the healthcare sector leading the way. The XLV rose 1.6% to an all time high thanks to some nice moves in the big biotechs. All of the big 4 biotech horseman completed todays session higher in the neighborhood of 3%. Looking on the weekly chart one can see just how taut the trade was in the ETF as the last 3 weekly closes all finished within .24 of each other. One would have liked to seen more volume on todays move, but one certainly can not argue with the price action. The industrial sector continues to power ahead and the XLI also made an all time high today taking out a flag pattern. The ETF is looking for a sixth consecutive up week, with all those weeks closing at the very top of the weekly range, a bullish trait. It is also trading just above a 54.93 double bottom trigger it took out on Halloween. Like the XLV, greater volume on the XLI would have brought more confidence, as weekly volume each successive week was lower than the previous one. The third largest component in the ETF, MMM is higher 21 of the last 26 days, with support found at the round 130 handle on 10/15 and the round 160 figure could put a pause to this strong move.